Nuvei
Corporation demonstrated solid growth in the third quarter of 2024, with total
payment volume surging 27% to $61.3 billion, as the Canadian fintech company
approaches the final stages of its pending $6.3 billion take-private
transaction with Advent International.

Nuvei Posts 17% Revenue
Jump as Advent Deal Nears Close

The
Montreal-based payment technology provider reported revenue of $357.6 million
for the quarter ended September 30, representing a 17% increase from the
previous year. The company swung to a net income of $17.2 million, or $0.10 per
diluted share, compared to a net loss of $18.1 million in the same period last
year.

“Our
business remains highly profitable, with third quarter margins reflecting
opportunistic investments to expand our global footprint,” commented Philip
Fayer, Nuvei Chair
and CEO. “Total volume is increasing 27%, and revenue is higher by 17%
year-over-year, setting us up well to achieve our targeted growth in the
quarters.”

The
company’s adjusted EBITDA showed a slight decline of 2% to $108.8 million,
reflecting investments in global expansion. Adjusted net income decreased 8% to
$52.3 million, while adjusted net income per diluted share fell to $0.34 from
$0.39 in the previous year.

The company
recently partnered with Mastercard, to launch
a new off-ramping solution in Europe. It allows consumer to convert their
cryptocurrencies into traditional fiats.

Take-Private Transaction
Progress

The pending
acquisition
by Advent International, valuing Nuvei at approximately $6.3 billion, is
progressing toward completion. The all-cash transaction, offering $34.00 per
share, represents a 56% premium to the company’s closing price before the deal
announcement. Most regulatory approvals have been secured, with the remaining
few expected to be obtained in the fourth quarter of 2024.

“As we look
to finalize our pending take-private, we are already executing on a highly
compelling value creation plan, and we have initiated the process of adding
300-plus new roles across our product, technology, and commercial teams,” added
Fayer.

Nuvei’s
Board of Directors also declared a quarterly cash dividend of $0.10 per share,
payable on December 12, 2024, to shareholders of record as of November 26,
2024. The total dividend distribution is expected to reach approximately $14
million.

Back in
June, the Canadian fintech company received
in-principle approval for a Retail Services Category II License from the
Central Bank of the United Arab Emirates (UAE), expanding its services into the
MENA region.